CBI has also named unknown officials of the union environment ministry in the PE.
Shares in Jindal Steel and Power Ltd were heading towards their biggest daily loss in almost two years on Monday.
The power sector presents a puzzle. A fast-growing economy should be aligned to higher power demand but that hasn't been the case in the financial year 2026 till date (FY26TD).
India on Monday imposed a 12 per cent provisional safeguard duty for 200 days on five steel product categories, including hot rolled coils, sheets and plates, to protect domestic players from surge in imports. The decision follows a recommendation for the same by the Commerce Ministry's investigation arm DGTR. Last month, the DGTR suggested to impose the duty.
Central Bureau Investigation has asked Congress MP Naveen Jindal, who is currently abroad with his family, to join its probe in the allocation of a coal block to his company Jindal Steel and Power Limited.
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
The Central Bureau of Investigation is likely to question Congress MP and industrialist Naveen Jindal on Friday in connection with a case of alleged cheating and criminal conspiracy in bagging Amarkonda Murgadangal coal block in Birbhum in 2008.
Renowned names from India Inc and politics are chargesheeted by the CBI before a special court in a coal blocks allocation scam case.
The Central Bureau of Investigation is likely to question Congress Member of Parliament Naveen Jindal this week in connection with its First Information Report against him and his company for alleged cheating while applying for coal block.
Young MPs show interest in joining Territorial Army
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Markets this week would be guided by the ongoing quarterly earnings, macroeconomic data announcement and global trends, analysts said. The government will release industrial production data for June and inflation data for July this week. The RBI has revised its retail inflation forecast to 5.7 per cent, up from the earlier 5.1 per cent due to price pressure on account of supply constraints and high crude oil prices.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
Russia's war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That's because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers. Russia and Ukraine are major providers of steel and raw materials to the world.
With the Supreme Court (SC) cancelling captive coal block allocations, Jindal Steel & Power Limited will be the worst-affected company.
'Interim Budget has ignited the entrepreneurial spirit.'
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
The Central Bureau of Investigation is probing "all angles" in the Ishrat Jahan case including the statements of some witnesses claiming knowledge of political conspiracy behind the fake encounter involving the Gujarat Police and the Subsidiary Intelligence Bureau.
Seeking stringent action against the perpetrators of the Pulwama attack, India Inc said 'now we have to make sure that the world knows that they can't mess with us'.
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
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The broader markets traded positively with mid-caps and small-caps rising 0.5 per cent each on the BSE.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
Auto stocks will be in focus
Santosh Kamath, partner (infrastructure and government services), KPMG in India, expects an extension of a tax holiday for the sector.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
In an urgent need for its image makeover, the scam-tainted coal sector will require mammoth efforts in 2015 from the government and the corporates too.
With the threat of a third Covid-19 wave looming large, companies are scrambling to protect employees and keep operations safe--from a no-jab-no-entry-at-workplace policy to ramping up vaccination, it's an all-out effort to prevent the scale of devastation seen in the first two waves. At least two top steel companies--Tata Steel and ArcelorMittal Nippon Steel India (AM/NS India)--are pushing for vaccination certificates for entry into work premises. AM/NS India, a joint venture between world's leading steelmaker, ArcelorMittal, and Japan's Nippon Steel, is set to make vaccination the certificate a requirement from July 1.
With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) - Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem - constitute the divestment list. All the three units of SAIL have been loss-making for more than five years.
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
Coming down heavily on aviation safety violations, DGCA on Saturday grounded a business jet owned by Reliance Industries for carrying expired safety equipment on board and suspended its pilot for flying without a licence.
'Kindly advise about the following stocks. Can I hold or exit?'
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
The Central Bureau of Investigation has questioned T K A Nair, advisor to Prime Minister Manmohan Singh, in connection with alleged irregularities in allocation of coal blocks, which included granting of a block to Hindalco at Talabira despite it being rejected by a screening committee of the coal ministry.
The verdict could force steelmakers to cut output or import expensive iron ore.
Two projects in Iran, which India is to execute involving major financial commitments on its part, are of particular significance for Indian steel.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The total investor wealth in domestic stock markets soared by Rs 1.53 lakh crore as investors cheered energy reforms, including hike in natural gas prices.
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